Cbdt mandates e-filing of audit report

News Flash CBDT mandates e-filing of audit report and return with 5 lacs income; no more ITR 1 if Sec. 10 benefit exceeds 5k Income-tax (3rd Amendment) Rules, 2013 redefines the conditions and eligibility to choose from a variety of Income-tax return forms. In addition, certain important amendments are also being brought in, which are as follows: • Return in ITR 1 can’t be filed if assessee incurs losses under the head ‘Income from other sources’. • Return in ITR 1 can’t be filed if assessee claims tax relief or has any income which is exempt under Chapter III. i.e. section 10, 10A, 10AA, etc. • Return in ITR 4S can’t be filed if assessee claims tax relief or has any income which is exempt under Chapter III. i.e. section 10, 10A, 10AA, etc. • Mandatory e-filing of audit reports. • Mandatory e-filing of return if income exceeds Rs. 5,00,000 or if assessee claims tax relief. NAME: SAVAN SOMANI, Designation: Corporate Manager Taxation,